EPFO Good News: Pensioners will get increased pension
The Ministry of Labor and Employment has given a very good news by press release on 1 June 2020 and has told that about 6 lakh 30 thousand pensioners in the country will get pension from this month. For which Rs 868 crores and Rs 105 crores of dues have been released by EPFO under the head of pension.
Based on the recommendation of EPFO, the Government of India has long accepted one of the demands of the workers. Let me tell you that 6 lakh 30 thousand pensioners were getting reduced pension, which had been demanding for a long time to change it. Keeping in mind the interest of pensioners under EPS-95, EPFO has accepted this demand and pension will now be increased to those pensioners who chose “PENSION COMMUTATION” 15 years ago.
What is PENSION COMMUTATION?
The option for pensioners retiring before 25 September 2008 was that – if they wanted, they could take lump sum advance from their pension account, though they would get less lifetime pension.
Let’s understand this with an example- Suppose someone retired before 25 September 2008, at that time his monthly pension was Rs 1500 and he chose the commuted pension. Under this, he will get a lump sum advance of one third pension, ie one third equal to 500 × 15 = 75000 rupees lump sum advance for 15 years. But after this, the life pension will be reduced, that is, they will get two-third of 1500 ₹ 1000 monthly pension.
6 lakh 30 thousand pensioners will get full pension
Nearly 6 lakh 30 thousand pensioners who had opted for commuted pension and were receiving less pension, retired before 25 September 2008, were demanding their full pension, which was approved by EPFO and issued a notification in February 2020. Was and on 1 June 2020 the arrears have been released by the EPFO for giving increased pension. Those 6 lakh 30 thousand pensioners will now get their full pension again.
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